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AXA insurance spokesman, Steve Folkard stated, “Money is one of the major causes of stress for adults and as such it is a major cause of employee absenteeism. Encouraging adults to take greater control of their finances could actually go some way to reducing not only the UK’s levels of personal debt, but also the cost of stress.”

Mr. Folkard also claimed that employees already waste more than three hours a month chatting and sending text messages.

But concerns about personal finance and debt have resulted in an annual expense of nearly £10 billion to the UK economy. According to Axa, £9.6 billion is the new estimate in costs associated with employees taking time off to manage their finances.

However, allowing workers to focus on their own finances for one hour during business hours, could greatly alleviate the loss of employee absenteeism and the costs associated with the loss of productivity, the firm asserts.

Employees facing serious financial concerns tend to be more easily distracted and less capable of focusing attention on their tasks. Conversely, when individuals feel in control of their financial lives; focus, clarity and creativity tend to rise substantially along with better over-all health - which further reduces worker’s absenteeism.

The Office of Fair Trading asserts that two-thirds of Britons who had obtained a debt consolidation loan, did so without consulting more than one lender. And having the extra time during the day to research and manage personal financial issues could reduce the cost of repayments as a whole.

In the pursuit of physical “perfection” many Britons are now finding themselves in debt to pay for plastic surgery, liposuction (the removal of fat), breast augmentation, tummy tucks, rhinoplasty (nose-jobs), and so on. 

According to research findings from Abbey, Britons are willing to take on loans worth a collective £1.4 billion for the multi-purposes of cosmetic or plastic surgery. 

“We are seeing an increase in requests to borrow for plastic surgery. Whether striving for visible perfection or as part of a medical treatment, plastic surgery is getting more and more popular among Britons,” offered Paul Morrish, Head of Abbey Loans. 

Apparently, nearly one million adults in the UK are now considering taking on debt in an attempt to either achieve a quick fix on their bodies, or undergo a corrective surgical procedure. Additionally, Axa has announced that with the growing popularity of plastic surgery, nearly a quarter of a million retirees are also considering some form of plastic surgery.

The most popular procedures for which such loans are being sought are breast augmentations, the bank states - being 27% of all plastic surgery operations performed. Following breast augmentation by popularity, are tummy tucks and nose jobs. 

Rhinoplasty can be performed to meet aesthetic goals or for reconstructive purposes to correct birth defects or breathing problems. It is sometimes combined with a chin augmentation to enhance the over-all aesthetic results. 

Liposuction, also known as lipoplasty (fat modeling) is a cosmetic surgery that removes fat from many different places on the body. The fat is usually removed via a cannula (a hollow tube) and aspirator (a suction device). The amount of fat removed varies by each procedure, but the average amount is typically less 5 kg. 

No surgical procedure is a low-effort alternative to exercise, diet, or self-esteem. Therefore, all individuals should carefully consider the significant personal and financial risks involved in elective procedures, before making the decision to go under the knife and anesthesia, or under the laser. 

But in cases where plastic or cosmetic surgery is assured, very careful examination of physicians’ experiences, past results and levels of education should be closely examined to ensure the best possible outcome.

Many of our youth who would typically take a year off from school before beginning their studies at college, are now foregoing the break to prepare for impending debt.

A great number of students (and parents) have growing concerns over the rising cost of student loans, tuition and all associated expenses of higher learning. Students are therefore beginning to work through their traditional year off and save money to meet the expensive demands, according NatWest. 

Mark Worthington, Head of NatWest Student Banking, offered, ‘It is encouraging that young people are thinking ahead and using their gap years as a valuable opportunity to save for their future studies.’

Research has revealed that more than 50,000 such youngsters plan to work through at least one year; in order to lessen the debt they will accrue while undertaking their studies. Additionally, a growing number of students will also continue to seek work during their study periods, and split their time between earning an income and gaining a higher education.

A recent Halifax Student Finances survey showed that the average debt accrued by those in ongoing education through loans, overdrafts and credit cards, now stands at approximately £7,502.